Foothill Ranch-based Biolase Inc. (Nasdaq: BIOL) said it has regained compliance with the minimum bid price requirement under the Nasdaq Listing Rule and will continue to be listed on The Nasdaq Capital Market.
Nasdaq last year notified Biolase, a maker of dental lasers, that it wasn’t in compliance because its common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. To regain compliance, the company was required to maintain a minimum closing bid price of $1 or more for at least 10 consecutive trading days, which was met on May 12.
In April, Biolase completed a 1-for-25 reverse stock split that raised it price from 20 cents a share to $5.
Shares today fell 4% to $3.83 and a $23.6 million market cap.
The company on May 12 reported first quarter revenue rose 25% to $10.2 million. Its operating loss narrowed to $4.2 million.
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Biolase Gains Compliance to Remain on Nasdaq
Reverse split helps stock stay above $1
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